Information Matters a presentation based upon a White Paper entitled The State of Project Management Today – Revolutionizing the Construction Industry through the Adoption of Technology
Everyone knows that the key to successful project outcomes requires effective communications. In the Digital Age we all know that technology expedites communications, but how does one facilitate its efficacy on a construction mega-project?
Efficient project team communications will require a framework that is both strategic and tactical where the primary objective is to have one source of truth where information is collaboratively maintained in the Cloud.
We present the current state of project management where:
• Only 11% of Owner executives are very confident of their abilities to manage critical projects
• Only 6% of executives say their projects consistently come in on time, on budget
• The Dollar Value of Construction Claims is as much as 5% – 10% of project cost (i.e., up to $150B/annum in the USA alone)
• The Dollar Value of Construction Litigation Costs could equal the value of the claim
We present the problem as well as the solution to deliver projects within time and budget and mitigate missed communications that strains the project organization (by forcing the team to perform reactively instead of proactively) and negatively effects the project’s schedule, cost and quality outcomes, impacting all entities involved in the project’s delivery.
The solution requires a strategic approach to align the Project Planning, Project Execution and Project Information Systems. Tactically, this mandates the necessity for:
• Robust Contracts
• Technology Enablement
• Effective Intermediaries, and
• Organizational Change Management